URE.TO · 2025-11-03 12:00:00

Ur-Energy Announces Q3 2025 Results; Construction Advances at Shirley Basin and Exploration Underway in the Great Divide Basin

Mine Development & Operations Financials

Ur-Energy Announces Q3 2025 Results; Construction Advances at

Shirley Basin and Exploration Underway in the Great Divide Basin

LITTLETON, CO / November 3, 2025 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE)

(the "Company" or "Ur-Energy") has filed the Company's Form 10-Q for the quarter ended

September 30, 2025, with the U.S. Securities and Exchange Commission

at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedarplus.ca.

Third Quarter 2025 Financial and Operating Results

▪ The ramp up at Lost Creek continued with 93,523 pounds of U3O8 dried and packaged.

▪ Ur-Energy sold 110,000 pounds of U3O8 during the quarter, at an average price of $57.48

per pound, generating revenue of $6.3 million.

▪ Uranium sold in Q3 2025 was sourced from previously purchased inventories. Ur-Energy

currently has sufficient produced inventory on hand to meet its remaining 2025 sales

obligation of 165,000 pounds.

▪ Q3 2025 cash costs per pound of produced inventory remained consistent with Q2,

decreasing slightly from $43.61 in Q2 2025 to $43.00 in Q3 2025.

▪ Shirley Basin's professional and operational teams are fully staffed, and site construction

is well advanced. Wellfield and plant development remain on track for uranium

production startup in Q1 2026.

▪ As of September 30, 2025, we had cash and cash equivalents of $52.0 million, a decrease

of approximately $24.1 million from the $76.1 million balance on December 31, 2024.

Cash position as of October 30, 2025, was $35.4 million.

Ur-Energy President, Matthew Gili, commented: "The continued ramp-up and plant

optimization at Lost Creek, together with the advanced construction status at Shirley Basin,

position Ur-Energy to capitalize on the resurgence of both the U.S. and global nuclear power

industry, illustrated by the recently announced U.S. government's $80 billion investment to build

new nuclear reactors in the United States."

Lost Creek Operations

We dried and packaged 93,523 pounds and shipped 70,190 pounds to the conversion facility in

Q3. As of September 30, 2025, we held 278,150 pounds of U₃O₈ at the conversion facility.

Subsequent to quarter end, we shipped an additional 69,604 pounds to the conversion facility and

purchased 100,000 pounds, after which we will have 447,754 pounds in finished inventory at the

conversion facility.

Four header houses have been brought online this year in Lost Creek's second mine unit

("MU2"). Production flow for the third quarter averaged approximately 2,100 gpm from MU2

production areas. The flow was controlled at a lower rate to optimize MU2 production by

removing solids incidental to production that had accumulated in the main pipeline. That

maintenance, primarily occurring during September and October, is substantially complete and

preparations are underway to continue increasing flow rates from MU2 commensurate with

production needs. Production grade for the quarter averaged 66 ppm, reflecting the controlled

flow rates during maintenance. Year-to-date, the average production grade remains at

approximately 58 ppm.

Development continues in MU1 Phase 2, where well installations are substantially complete in

four of the ten header houses. Surface construction is advancing, with the first header house for

Phase 2 in commissioning. Three header houses have been delivered to Lost Creek, and two

more are being prepared at our Casper construction shop.

Successful production operations depend upon strong safety programs and consistently good

safety records. Our safety program and culture both continue to improve at Lost Creek and with

our staff at Shirley Basin. We are pleased to see continued and sustained safety improvements

and will remain focused on safety and compliance throughout our operations.

Our total sales in 2025 are projected at 440,000 pounds of U3O8 at an average price per pound

sold of $61.77 and we expect to realize revenues of $27.2 million. The sales are a result of

contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per

pound. Deliveries of 165,000 pounds and 110,000 pounds were made in Q2 and Q3, respectively.

A delivery of 165,000 pounds at an average price of $63.20 is expected to be made in Q4 2025

from produced inventory.

Shirley Basin: Fully Staffed and Advancing Toward Uranium Production

Construction activities are ongoing and gaining momentum at our fully permitted Shirley Basin

ISR Project. Construction of the foundation for the processing building began in early August

and we have poured nearly 900 of the required 1,100 total cubic yards of concrete. The internal

foundation of the processing building is substantially complete. 11 ion exchange columns were

delivered to Shirley Basin in September, and two have been placed on the internal foundation.

As previously disclosed, Shirley Basin construction milestones include road upgrades,

completion of 125 monitor wells and groundwater work, power installation to the site, and setup

of communications, security, and septic systems. We also refurbished the warehouse, and

construction and maintenance bays, including the installation of modular offices.

The metal building components of the plant facility have been delivered to the project site. The

general contractor is preparing for pre-assembly while also continuing to prepare for offsite

fabrication and procurement of steel piping, supports, and catwalks.

The 10,000 square-foot Shirley Basin modular office is now fully operational, with all

management and professional personnel onsite leading wellfield construction and development.

The Shirley Basin team is working closely with our Casper-based professionals to advance all

aspects of construction in preparation for production. We have also added contracted project

management expertise to enhance coordination and ensure we meet schedule and quality

objectives as we progress toward the anticipated Q1 2026 startup and commissioning.

We have hired all operational staff, including our maintenance and wellfield services teams.

Training of all staff is progressing, with operations staff expected to receive hands-on experience

at Lost Creek along with additional training during satellite plant construction at Shirley Basin.

Photo 1. Shirley Basin Satellite ISR Plant Under Construction - October 28, 2025

One of the two evaporation ponds is constructed, with the second pond nearing completion. Once

both are fully constructed, work will commence on the installation of liners and technical

components.

Installation of production and injection wells in Shirley Basin Mine Unit 1 is progressing, with

drilling and completion of wells for the first header house finished and work on the next two is

advancing. All monitor wells have been installed and sampled. The first header house has been

fabricated in Casper and fabrication of the second is underway. Onsite construction and main

pipeline installation continue, with trenching complete through the seventh header house and

piping past the third.

Third Quarter 2025 Great Divide Basin Exploration Activities

During the third quarter, we initiated exploration programs in the Great Divide Basin ("GDB")

on our Lost Soldier Project, located less than 10 miles northeast of the Lost Creek ISR Mine. The

work at Lost Soldier included the installation of 18 aquifer test wells designed to enhance our

understanding of the local hydrogeology. While the geology of the project area is well

understood and supported by data from more than 4,000 historical drillholes, this additional

hydrogeologic characterization will assist our technical teams in optimizing potential future mine

planning, permitting, and development activities.

Due to the proximity of our operating Lost Creek ISR facility, Lost Soldier has the potential to be

developed as a satellite operation. If exploration work is successful, we will evaluate the

potential to advance Lost Soldier through the FAST-41 permitting process, a federal framework

designed to streamline and improve coordination among agencies for large-scale infrastructure

and energy projects.

Figure 1. Great Divide Basin Exploration Areas

As the work at Lost Soldier concludes, drill rigs will move to the North Hadsell Project for a 50-

hole drill program. Next, we will move to our third exploration program in the GDB at LC

South, where we anticipate commencing a 120-drillhole program in Q1 2026. The goal of our

GDB exploration programs is to identify additional uranium roll fronts and potentially expand

the Company's uranium resource base in Wyoming's prolific Great Divide Basin.

U3O8 Product Profit (Loss)

The following table provides information on our U3O8 product profit and loss:

U3O8 Product Profit (Loss) Unit

2024

2025

YTD

U3O8 Product Sales

Produced $000

5,857

10,428

Non-produced $000

16,500

6,323

$000

22,357

10,428

6,323

16,751

U3O8 Product Costs

Produced

$000

5,896

8,397

Non-produced $000

22,760

7,063

$000

28,656

8,397

7,063

15,460

U3O8 Product Profit (Loss)

Produced $000

(39 )

2,031

Non-produced $000

(6,260 )

(740 )

$000

(6,299 )

2,031

(740 )

1,291

U3O8 Pounds Sold

Produced lb

95,000

165,000

Non-produced lb

300,000

110,000

395,000

165,000

110,000

275,000

U3O8 Price per Pound Sold

Produced $/lb

61.65

63.20

Non-produced $/lb

55.00

57.48

$/lb

56.60

63.20

57.48

60.91

U3O8 Cost per Pound Sold

Ad valorem and severance taxes

$/lb

1.73

2.62

Cash costs $/lb

50.25

40.21

Non-cash costs $/lb

10.08

8.06

Produced $/lb

62.06

50.89

Non-produced $/lb

75.87

64.21

$/lb

72.55

50.89

64.21

56.22

U3O8 Profit (Loss) per Pound Sold

Cash costs $/lb

11.40

22.99

Less ad valorem and severance taxes $/lb

(1.73 )

(2.62 )

Less non-cash costs $/lb

(10.08 )

(8.06 )

Produced $/lb

(0.41 )

12.31

Non-produced $/lb

(20.87 )

(6.72 )

$/lb

(15.95 )

12.31

(6.72 )

4.69

U3O8 Profit (Loss) Margin per

Pound Sold

Cash costs %

18.5

36.4

Less ad valorem and severance taxes %

(2.8 )

(4.1 )

Less non-cash costs %

(16.4 )

(12.8 )

Produced %

(0.7 )

19.5

Non-produced %

(37.9 )

(11.8 )

(28.2 )

19.5

(11.8 )

7.7

1. The U3O8 and cost per pound measures included in the above table do not have a

standardized meaning within US GAAP or a defined basis of calculation. These measures

are used by management to assess business performance and determine production and

pricing strategies. They may also be used by certain investors to evaluate performance.

U3O8 Production and Ending Inventory

The following tables provide information on our production and ending inventory of

U3O8 pounds:

U3O8 Production Unit

2024 Q4

2025 Q1

2025 Q2

2025 Q3

2025 YTD

Pounds captured lb

81,771

74,479

128,970

89,267

292,716

Pounds drummed in lb

74,006

83,066

112,033

93,523

288,622

Pounds shipped lb

66,526

106,301

105,316

70,190

281,807

Non-produced pounds acquired lb

550,000

U3O8 Ending Inventory Unit

2024 Q4

2025 Q1

2025 Q2

2025 Q3

Pounds

In-process inventory lb

39,169

29,700

37,590

29,362

Plant inventory lb

33,919

10,772

17,484

40,817

Conversion inventory - produced lb

12,239

118,540

65,607

138,150

Conversion inventory - non-produced lb

250,000

140,000

335,327

409,012

370,681

348,329

Value

In-process inventory $000

382

509

630

Plant inventory $000

1,840

582

921

2,267

Conversion inventory - produced $000

704

6,463

3,409

7,290

Conversion inventory - non-produced $000

18,158

16,058

8,992

$000

20,744

23,485

20,897

19,179

Cost per Pound

In-process inventory

$/lb

1.07

12.86

13.54

21.46

Plant inventory

$/lb

54.25

54.03

52.68

55.54

Conversion inventory:

$/lb

Ad valorem and severance tax $/lb

1.57

2.16

3.06

3.29

Cash cost $/lb

46.83

43.43

40.55

39.71

Non-cash cost $/lb

9.12

8.94

8.35

9.77

Conversion inventory - produced $/lb

57.52

54.53

51.96

52.77

Conversion inventory - non-produced $/lb

72.63

64.23

$/lb

71.93

61.11

61.68

58.54

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium

facility in south-central Wyoming. We have produced and packaged approximately 3 million

pounds of U3O8 from Lost Creek since the commencement of operations. Ur-Energy has begun

development and construction activities at Shirley Basin, the Company's second in situ recovery

uranium facility in Wyoming. Ur-Energy is engaged in uranium recovery and processing

activities, including the acquisition, exploration, development, and operation of uranium mineral

properties in the United States. The primary trading market for Ur-Energy's common shares is on

the NYSE American under the symbol "URG." Ur-Energy's common shares also trade on the

Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton,

Colorado and its registered office is in Ottawa, Ontario.

Contact Information

Valerie Kimball

IR Director

[email protected]

720-460-8534

Cautionary Note Regarding Forward-Looking Information

This release may contain "forward-looking statements" within the meaning of applicable

securities laws regarding events or conditions that may occur in the future (e.g., timing to

complete our ramp-up to steady state full production levels at Lost Creek, including whether

MU1 Phase 2 comes online as scheduled, wellfield flow rates increase as anticipated, and efforts

to optimize plant production are successful; our ability to complete build out of Shirley Basin as

currently projected and budgeted; whether our safety program and record will continue to see

sustained improvements and whether compliant operations can be maintained; the ability to

capitalize on the resurgence of the nuclear industry; the results of our 2025 exploration program

in the Great Divide Basin; and whether we will advance Lost Soldier and on what timeline, and

permitting program) and are based on current expectations that, while considered reasonable by

management at this time, inherently involve a number of significant business, economic and

competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be

identified by the use of forward-looking terminology such as "plans," "expects," "does not

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